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What Homeowners Need to Know About the Solar Energy Credit

Fox Business -- I recently noticed that my electric bill has been soaring recently—closing in on $600 to $700 a month. With the summer heat about to hit its peak, I decided to do some investigating to find ways to bring down my bill. I discovered that a solar system can bring down my bill considerably and after crunching the numbers, I learned the return on investment (ROI) also made it a worthwhile idea.

If you purchase a solar system between now and Dec. 31, 2016 you will be eligible for a tax credit equal to 30% of the cost of your solar system, including installation. Please note that this tax credit is not available if you lease the system or participate in a Solar Power Purchase Agreement (PPA).

This is a tax credit, not merely a deduction. So if you owe $10,000 in taxes and your solar system cos

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Submitted Jun 08, 2012 By: DellDude2

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JDisNo1 Sophomore Author Twin Cities Posts:129 Points:88,820 Joined:Jan 2012	Message Posted: Jun 8, 2012 6:23:59 PM Ignore JDisNo1 Report Abuse hmmmm
Hewy67 Sophomore Author Grand Rapids Posts:156 Points:442,045 Joined:Apr 2008	Message Posted: Jun 8, 2012 6:22:59 PM Ignore Hewy67 Report Abuse it all cost money!
iceman11 Champion Author Ontario Posts:2,715 Points:536,425 Joined:Feb 2011	Message Posted: Jun 8, 2012 6:21:09 PM Ignore iceman11 Report Abuse interesting
darkknight1 Champion Author Winston-Salem Posts:4,315 Points:891,835 Joined:Nov 2010	Message Posted: Jun 8, 2012 6:21:04 PM Ignore darkknight1 Report Abuse Can't afford one because I'm paying too much for gas.
malfrog1 Champion Author South Bend Posts:2,181 Points:545,985 Joined:Feb 2011	Message Posted: Jun 8, 2012 6:20:01 PM Ignore malfrog1 Report Abuse Still very costly.
JSX515 Champion Author St. Louis Posts:3,693 Points:797,595 Joined:Feb 2011	Message Posted: Jun 8, 2012 6:16:56 PM Ignore JSX515 Report Abuse Who cares.
nimpy Champion Author Indianapolis Posts:8,115 Points:1,697,105 Joined:Oct 2007	Message Posted: Jun 8, 2012 6:11:54 PM Ignore nimpy Report Abuse This is a good thing to know
chillyman3 Champion Author Illinois Posts:1,349 Points:421,065 Joined:Jan 2012	Message Posted: Jun 8, 2012 6:11:16 PM Ignore chillyman3 Report Abuse Why does solar energy cost so much to purchase?
nugney Champion Author Atlanta Posts:2,916 Points:2,028,540 Joined:Jan 2006	Message Posted: Jun 8, 2012 6:08:03 PM Ignore nugney Report Abuse more subsidy crap
FlogNut Champion Author Chicago Posts:104,245 Points:1,983,675 Joined:Oct 2007	Message Posted: Jun 8, 2012 6:07:19 PM Ignore FlogNut Report Abuse That Solar Energy Credit is being subsidized by the taxpayers.
Tucker1961 Champion Author Seattle Posts:2,157 Points:363,170 Joined:Jun 2009	Message Posted: Jun 8, 2012 6:07:19 PM Ignore Tucker1961 Report Abuse I can buy a lot of electricity for the cost of a solar heating and colling system, even after the tax break. The prices need to come way down. The only way those systems look good, is if you lose access to traditional sources of electricity. Which could be a real future concern. other than that no way.
ghmortensen Champion Author Minnesota Posts:1,986 Points:1,666,770 Joined:Jan 2007	Message Posted: Jun 8, 2012 6:00:01 PM Ignore ghmortensen Report Abuse The numbers may work for the individual, but it is us, the tax payers, paying for the other 30% of his solar system. If every single tax payer took advantage of this credit, everyone's taxes would have to go up 30% to pay for it. Do those numbers still work for you?
toneOH All-Star Author Ohio Posts:551 Points:32,195 Joined:May 2011	Message Posted: Jun 8, 2012 5:57:47 PM Ignore toneOH Report Abuse ok
rampower80 Champion Author Kentucky Posts:2,019 Points:457,690 Joined:Jan 2012	Message Posted: Jun 8, 2012 5:57:12 PM Ignore rampower80 Report Abuse ok
30mpg80 Champion Author Lexington Posts:9,970 Points:1,482,880 Joined:Nov 2008	Message Posted: Jun 8, 2012 5:56:43 PM Ignore 30mpg80 Report Abuse Thanks for the info.
CTarp Champion Author Texas Posts:1,234 Points:604,630 Joined:Apr 2011	Message Posted: Jun 8, 2012 5:55:27 PM Ignore CTarp Report Abuse Solar costs too much.
DustyHorse Champion Author Virginia Posts:6,067 Points:1,387,845 Joined:Oct 2008	Message Posted: Jun 8, 2012 5:54:43 PM Ignore DustyHorse Report Abuse I wonder if they figure in the rather short lifespan of solar panels?
Virgin55 Veteran Author Ocala Posts:313 Points:888,340 Joined:May 2010	Message Posted: Jun 8, 2012 5:53:51 PM Ignore Virgin55 Report Abuse ok
BrucePen Champion Author Ontario Posts:6,586 Points:1,358,815 Joined:Sep 2008	Message Posted: Jun 8, 2012 5:53:46 PM Ignore BrucePen Report Abuse Good deal if you have the money. Few do!
sciotosix Champion Author Dayton Posts:2,729 Points:662,125 Joined:Apr 2011	Message Posted: Jun 8, 2012 5:53:21 PM Ignore sciotosix Report Abuse Sounds good if you can afford it.
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,858,030 Joined:Jun 2006	Message Posted: Jun 8, 2012 5:52:56 PM Ignore PizzaMon Report Abuse Go for it if it fits your needs.
BBopp Champion Author Dayton Posts:6,824 Points:1,935,430 Joined:Dec 2006	Message Posted: Jun 8, 2012 5:48:06 PM Ignore BBopp Report Abuse Sounds like a sweet arrangement if you can swing it.
Piniewoods All-Star Author Jacksonville Posts:892 Points:459,215 Joined:Aug 2005	Message Posted: Jun 8, 2012 5:44:19 PM Ignore Piniewoods Report Abuse It is a scam.
AnObserver Champion Author New Jersey Posts:8,339 Points:2,254,755 Joined:Sep 2005	Message Posted: Jun 8, 2012 5:40:20 PM Ignore AnObserver Report Abuse Every state and utility company has different incentives for solar energy
AKmailman Champion Author Alaska Posts:5,612 Points:1,553,565 Joined:Jul 2004	Message Posted: Jun 8, 2012 5:40:17 PM Ignore AKmailman Report Abuse and another OT article - GasBuddy.com get it? Not solar.com
texashoudini Champion Author Austin Posts:2,615 Points:1,092,950 Joined:Jun 2009	Message Posted: Jun 8, 2012 5:38:55 PM Ignore texashoudini Report Abuse Wow! And I thought we had high energy bills in Austin, Texas. I'm not paying half of that. However I think the council is out to get us. They just voted an 8% raise in rates which means between $8 and $123 a month incrase on most bills.
big_mac64 Champion Author Tennessee Posts:10,593 Points:1,485,590 Joined:May 2005	Message Posted: Jun 8, 2012 5:38:43 PM Ignore big_mac64 Report Abuse I'm on Soc Sec, and don't get tax credits cuz I don't make enough to file taxes. So big deal!
crashintuc34 Champion Author Tucson Posts:4,027 Points:806,915 Joined:May 2010	Message Posted: Jun 8, 2012 5:36:40 PM Ignore crashintuc34 Report Abuse Alrighty then.
cutter1330 Champion Author Oklahoma Posts:8,010 Points:1,689,890 Joined:Jul 2005	Message Posted: Jun 8, 2012 5:35:47 PM Ignore cutter1330 Report Abuse This applies only if you plug your EV in when ya get home at night.
arcaneradio Champion Author Michigan Posts:2,506 Points:487,930 Joined:Dec 2010	Message Posted: Jun 8, 2012 5:26:09 PM Ignore arcaneradio Report Abuse k
jci25946 Champion Author Tampa Posts:3,246 Points:935,790 Joined:Jan 2006	Message Posted: Jun 8, 2012 5:19:20 PM Ignore jci25946 Report Abuse A credit is always the best for tax purposes, but this isn't gas prices!!
MINIWINI598 Champion Author Washington Posts:2,995 Points:514,700 Joined:Dec 2011	Message Posted: Jun 8, 2012 5:18:49 PM Ignore MINIWINI598 Report Abuse ok
SUNOIL Champion Author Toledo Posts:5,225 Points:1,921,255 Joined:Jul 2007	Message Posted: Jun 8, 2012 5:17:40 PM Ignore SUNOIL Report Abuse If it sounds tooo good
Bonanza Champion Author Boston Posts:12,063 Points:2,547,005 Joined:Jun 2004	Message Posted: Jun 8, 2012 5:14:46 PM Ignore Bonanza Report Abuse What does this have to do with the price of gas?
Mermaan Champion Author Boston Posts:1,572 Points:421,235 Joined:Apr 2011	Message Posted: Jun 8, 2012 5:14:24 PM Ignore Mermaan Report Abuse Biased site is biased
SparkieMi Champion Author Kalamazoo Posts:3,239 Points:584,220 Joined:Sep 2011	Message Posted: Jun 8, 2012 5:12:19 PM Ignore SparkieMi Report Abuse Thank you for the information...
captngasTN Champion Author Tennessee Posts:3,015 Points:1,323,375 Joined:Jun 2009	Message Posted: Jun 8, 2012 5:11:29 PM Ignore captngasTN Report Abuse ditto jwduke1
CrappieFool All-Star Author Alabama Posts:783 Points:565,005 Joined:Apr 2009	Message Posted: Jun 8, 2012 5:11:04 PM Ignore CrappieFool Report Abuse My father had solar for about 12 years and recently removed it. Why you ask? Because the upkeep made it cost too much for the ROI.
Voltus Champion Author Miami Posts:8,441 Points:1,553,350 Joined:May 2005	Message Posted: Jun 8, 2012 5:10:41 PM Ignore Voltus Report Abuse yup, it most be Al Gore
Rick52 Champion Author Milwaukee Posts:12,007 Points:1,194,645 Joined:Mar 2005	Message Posted: Jun 8, 2012 5:08:38 PM Ignore Rick52 Report Abuse Sure !! Until it snows..
jwduke1 Champion Author Iowa Posts:15,604 Points:3,068,265 Joined:Apr 2004	Message Posted: Jun 8, 2012 5:07:58 PM Ignore jwduke1 Report Abuse $700 a month? Who is this guy, Al Gore??
SparkieMi Champion Author Kalamazoo Posts:3,239 Points:584,220 Joined:Sep 2011	Message Posted: Jun 8, 2012 5:06:30 PM Ignore SparkieMi Report Abuse Interesting....
rwrMO Champion Author Missouri Posts:2,546 Points:581,170 Joined:Jun 2011	Message Posted: Jun 8, 2012 5:03:14 PM Ignore rwrMO Report Abuse what happens when the sun don't shine for a few days?
carefrey Champion Author Orlando Posts:5,510 Points:1,154,510 Joined:Sep 2009	Message Posted: Jun 8, 2012 4:54:10 PM Ignore carefrey Report Abuse Good info!
mcmonsta Champion Author Honolulu Posts:3,208 Points:813,940 Joined:Sep 2009	Message Posted: Jun 8, 2012 4:53:07 PM Ignore mcmonsta Report Abuse 30 % that could pay off shortly especially if the states/energy/utility companies would do the same ....advantage solar
stevencr Champion Author Ohio Posts:5,636 Points:1,430,765 Joined:Mar 2009	Message Posted: Jun 8, 2012 4:52:22 PM Ignore stevencr Report Abuse This whole solar thing is way over hyped. Using taxpayers dollars to give tax credits to those who play the solar game is just wrong. How long do the panels last? What building codes are affected? If the company goes bankrupt, who picks up the warrenty?
kettledrum Champion Author Indianapolis Posts:15,897 Points:2,701,465 Joined:Sep 2004	Message Posted: Jun 8, 2012 4:43:56 PM Ignore kettledrum Report Abuse Bonzoonfnb can't qualify for the mortgage interest deduction either. :-(
Focus2 Champion Author Illinois Posts:7,885 Points:1,917,300 Joined:Mar 2006	Message Posted: Jun 8, 2012 4:43:51 PM Ignore Focus2 Report Abuse So, putting in a solar system for a tax credit won't save me a dime. What I need is a deduction as I don't owe a tax bill but want to get money back.
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: Jun 8, 2012 4:41:31 PM Ignore dhdiesel Report Abuse So, you spend $18k and get a $5400 tax credit. I can buy one hell of a lot of electricity for $12,600! And with new fire laws, you can't put as many panels on your roof. The firemen need 3 foot of access on the sides and peak so they can cut a hole in your roof to vent a fire. A better way to save money is to reduce consumption and upgrade windows, insulation, appliances etc. [Edited by: dhdiesel at 6/8/2012 7:45:36 PM EST]
thebrohta167 Champion Author New Jersey Posts:1,454 Points:233,565 Joined:Nov 2010	Message Posted: Jun 8, 2012 4:33:19 PM Ignore thebrohta167 Report Abuse ok
WilW Champion Author Atlanta Posts:12,202 Points:2,668,880 Joined:Aug 2004	Message Posted: Jun 8, 2012 4:29:21 PM Ignore WilW Report Abuse Thanks for the gas saving tip!....oh, wait!
Dsin44 Champion Author Abbotsford Posts:1,270 Points:270,845 Joined:Apr 2011	Message Posted: Jun 8, 2012 4:28:20 PM Ignore Dsin44 Report Abuse only way to go